Sat, 13th of June, 2009

By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook

The EURUSD made indecisive movement this week. On daily chart below we have triangle formation after bullish movement indicating consolidation phase. We need to have significant movement to find clearer direction. Below are my key levels to watch for the upcoming week:

1. 1.3790: Should be a strong support at this phase, 38.2 % Fibo retracement of 1.2886 – 1.4336. Break below this level should trigger further weakness for the euro challenging 1.3600 or even 1.3450 area.

2. 1.4176: This level is one of my bullish target (see my May 23th commentary) which is 50% Fibo retracement of 1.6037 – 1.2327. Should be a strong and important resistance. Break above this level should trigger further bullish scenario back towards 1.4350 area.

Have a great weekend and see you guys next week :)